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BOCA RATON, Fla. (AP) - A lawsuit that is challenging the New York Stock Exchange's planned acquisition of Archipelago Holdings Inc., is costing the NYSE millions of dollars and makes "unreasonable demands," New York Stock Exchange Chairman Marshall Carter said in a memorandum released Thursday.
The lawsuit is being pursued by a band of exchange seat holders, including activist William Higgins, who are unhappy with the terms of the Archipelago deal. In court papers filed this week, the group said it is seeking to temporarily block a vote by NYSE members on the deal "so that the proposed merger can be evaluated by the NYSE board through a fair and independent process."
A hearing on the injunction request is expected Monday in New York State Supreme Court. The exchange has scheduled a Dec. 6 special membership meeting on the Archipelago merger.
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